Study Guide

Objective

- Students understand the purpose and content of the audit
-Students can carry out and evaluate internal control and know the basics of risk assessment.

Content

Auditing competences
Process of Auditing
Auditing in non-profit associations
Framework of Internal Control
Corporate Governance
Risk assessment

Materials

Current legislation concerning auditing in Finnish companies
International Auditing Standards
COSO
Auditing and assurance services ¨(Eilifsen)
Intern styrning och kontroll - både lönsamt och säkert (Wikland,)(
Revision (Carrington)

Teaching methods

Lectures
Excercises
Key Learning Note / Exam

Exam schedules

Information about deadlines for the examination is found on the course Moodle-platform

Student workload

Lectures
Exercises
Individual studies

Further information

Active and continuous participation during the course is recommended. Excercises will be evaluated.

Evaluation scale

H-5

Assessment criteria, satisfactory (1)

Basic understanding of auditing and knowledge of what kind of organizations are required to perform it


The student knows the difference between company auditing and performance auditing in associations.


Basic understanding of the laws and frameworks regulating internal control.

Assessment criteria, good (3)

Good understanding of the purpose of auditing and knowledge about the Auditing Law

The student knows the difference between company auditing and performance auditing in associations. The student can perform auditing in an association.

Student can perform and evaluate internal control within a company and knows the basic of risk control.

Assessment criteria, excellent (5)

Good ability of auditing in smaller companies, including good understanding of the whole auditing process. Excellent knowledge of Finnish and international auditing standards

The student can independently perform auditing in an association and knows the requirements for performance auditing.

Student can independently perform and evaluate internal control within a company and is able to identify risk and know the principles for risk management. Student can explain internal control in an international context.

Assessment criteria, fail (0)

The criteria for grade 1 are not met.

Assessment criteria, satisfactory (1-2)

Basic understanding of auditing and knowledge of what kind of organizations are required to perform it
The student knows the difference between company auditing and performance auditing in associations.
Basic understanding of the laws and frameworks regulating internal control.

Assessment criteria, good (3-4)

Good understanding of the purpose of auditing and knowledge about the Auditing Law
The student knows the difference between company auditing and performance auditing in associations. The student can perform auditing in an association.
Student can perform and evaluate internal control within a company and knows the basic of risk control.

Assessment criteria, excellent (5)

Good ability of auditing in smaller companies, including good understanding of the whole auditing process. Excellent knowledge of Finnish and international auditing standards
The student can independently perform auditing in an association and knows the requirements for performance auditing.
Student can independently perform and evaluate internal control within a company and is able to identify risk and know the principles for risk management. Student can explain internal control in an international context.

Qualifications

Basics of Accounting
Basics of Management Accounting